Are Pi holders selling too early, before the real rise?

The PI token has broken out of a bullish falling wedge, with volume increasing by nearly 195%, suggesting a larger movement in the future.
Technical targets indicate growth potential up to $0.85, while the RSI and MACD continue to support the momentum.
Considering that Pi2Day is scheduled for June 28 and major updates have been announced, holders may exit their positions just before the key catalyst occurs.
The Pi Network token (PI) has increased by almost 8% in the last 24 hours, driven by a sharp 194.78% increase in trading volume, indicating a strong influx of new interest. However, despite these impressive short-term results, PI remains down by more than 19% for the month.

According to CoinMarketCap data, PI is still experiencing a sharp loss of 70% from its all-time high of $2.98, reached just over four months ago. Meanwhile, the project is set to celebrate an important event, Pi2Day on June 28.

Technical scheme: breakout from a falling wedge
A closer look at the 4-hour chart below reveals a classic falling wedge formation, a bullish reversal pattern that often precedes sharp upward movements. PI has decisively broken out of this wedge upwards, confirming the bullish momentum.

From a Fibonacci perspective, the token has already reached the extension level of 1.618 at around $0.6195, where some initial profit taking is likely occurring.

On the topic: Pi Network surges by more than 10% on the wave of the "Pi2Day" hype; STX and SYRUP are also rising.

However, if the momentum continues, we are facing higher Fibonacci expansion targets ahead: the Fibonacci level 2.618 at $0.7110, the Fibonacci level 3.618 at $0.8026, and the Fibonacci level 4.236 at $0.8592.

These targets suggest that the current price of around $0.6093 may still be significantly undervalued in the short term, especially with the approach of such an important event as Pi2Day.

On the other hand, the relative strength index (RSI) has recently come out of the overbought zone but remains high at around 65.95—a level that indicates continuation rather than an immediate reversal.

MACD shows a clearly defined bullish trend, with the MACD line ( blue ) remaining significantly above the signal line ( orange ).